AMBLER, PA -- (MARKET WIRE) -- February 23, 2006 -- QuantRx Biomedical Corporation (OTC: QTXB), (formerly known as A-Fem Medical Corporation) announced the completion of a $4.030 million private placement with various accredited investors. In connection with the financing, QuantRx Biomedical Corporation issued 8% convertible promissory notes and warrants to purchase shares of QuantRx Biomedical Corporation common stock. The net cash proceeds of the offering are expected to be used for working capital expenses. Greenberg Traurig, LLP acted as legal advisor to QuantRx Biomedical Corporation in connection with the private placement and Dawson James Securities, Inc. acted as its placement agent.

Walter Witoshkin, President and Chief Executive Officer, stated, "We are pleased with the continued support from the investment community and their confidence in our product platforms, technology and vision to become a world leader in diagnostic medical technology."

This announcement does not constitute an offer to sell or a solicitation of an offer to buy securities of QuantRx Biomedical Corporation. These securities have not been registered under the Securities Act of 1933 or applicable state securities laws and may not be offered or sold in the United States or any state thereof absent registration under the Securities Act and applicable state securities laws or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

About QuantRx Biomedical Corporation

QuantRx Biomedical Corporation is a medical technology company with leading edge products targeting worldwide health needs. QuantRx Biomedical Corporation has developed a broad spectrum of intellectual property targeted to its three proprietary business lines: the patented inSync® miniform Interlabial Pad (ILP), Rapid·Sense® technology, and the PadKit® Sample Collection System. QuantRx Biomedical Corporation plans to license and market products via established distribution networks, initially targeting inSync® in the hemorrhoid pain and discomfort relief market. The Company's patented point-of-care Rapid·Sense® technology has been selectively licensed and is envisioned to support a strong point-of-care testing original equipment manufacturer business. The Company's patented PadKit®, which utilizes an inSync® pad as a non-invasive sample collection device is planned for use in screening for certain cancers and other diseases. QuantRx Biomedical Corporation holds U.S. and foreign patents that grant it sole rights to all of its technology.

Safe Harbor Statement

Certain statements in this press release constitute "forward-looking statements" or statements which may be deemed or construed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause QuantRx Biomedical Corporation's actual results, performance (finance or operating) or achievements to differ materially from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.